Unless you have built a corpus for your children’s overseas education, there is no way you can simply slash your savings and send them to study in their desired college abroad. Overseas education loan is easily accessible therefore, for those parents who wish to see their children at rising heights of their career. EduLoans helps you find out 6 great student loans for parents in 2021 so that you can send your kids to their dream career.
HDFC Credila Education Loan
The table below shows you the perks and disadvantages for this overseas education loan from HDFC Credila for loan for study abroad.
| Pros | Cons |
| Quick processing | 1.00 % Fixed (Non
Refundable) + Insurance ( Non Collateral) processing fees chargeable and upfront charges |
| Availability of Unsecured Loans | Up to 4% of the prepayment charges during moratorium tenure |
| 80 E Tax Benefit | Not Supportive of NON US Students |
HDFC loan for study abroad is available for secured and unsecured options and the rate of Interest is 11.00 – 13.00 %.
Avanse overseas education loan
Have a look at the table below first-
| Pros | Cons |
| Quick processing and lesser paperwork | 1.00 % Fixed (Non
Refundable) + Insurance ( Non Collateral) processing fees chargeable and upfront charges |
| Also provides education loan for e-learning | Rate of interest is high |
| Has a Wide range of Products | No pre-payment in initial 6 months |
This RBI regulated NBFC provides affordable education loans to parents for their children. The major benefit you get with Avanse is quicker disbursal of loan for study abroad.
SBI Global Ed-Vantage loan for study abroad
| Pros | Cons |
| Limited by 80% – 100% of
collateral or Maximum 100% cost of study |
Only Collateral Loan provided with same interest rate without any differentiation on student profile or Co-signor profile |
| Lesser interest rate, 9.05% to 11% | Higher processing time |
| 80 E Tax Benefit | 15% margin required for foreign studies |
This is also one of the great student loans for parents in 2021. This overseas education loan is also available for certificate courses, such as CIMA-London and CPA-US.
Baroda Scholar student loans for parents in 2021
Bank of Baroda offers overseas education loan for parents in 2021 under Baroda Scholar scheme. It provides education loan for most of the countries, including the popular ones like US, UK, Australia, Canada and more.
| Pros | Cons |
| Limited by 80% – 100% of
collateral or Maximum 100% cost of study |
Can provide only collateral student loan |
| Lesser and preferential interest rate, 9.05% to 11% plus low processing fees. | Slow processing of loan documents |
| 80 E Tax Benefit | Requires All property documents |
Axis Bank overseas education loan
| Pros | Cons |
| Can provide Unsecured loans to the students based on University and Course admits. | They are expensive than public sector banks |
| Provides door to door service to the Student | They require Margin Money on Disbursal |
| 80 E Tax Benefit | Requires All property documents in case of Collateral Loan |
The loan amount is sanctioned approx. 10-14 working days post submission of all the required documents.
IS mart education loan for study abroad from ICICI
ICICI Bank offers foreign education loan for students under I Smart loan scheme. Parents can avail a loan of upto 1 Crore if you are applying for secured education loan, and up to 40 lakhs for unsecured education loan.
| Pros | Cons |
| Can provide Unsecured loans to the students based on University and Course admits. | They are expensive than public sector banks |
| Provides door to door service to the Student | They require Margin Money on Disbursal |
| 80 E Tax Benefit | Requires All property documents in case of Collateral Loan |
EduLoans helps you find a great student loan for parents in 2021
Eduloans helps you navigate the best overseas education loan for study abroad. We based on Your profile, Parents Profile or Collateral we select the cheapest and Convenient loan for study abroad. We reduce the turnaround time by ensuring stringent follow ups on the loan status and ensure you get timely delivery and help you explore various great student loan options. In the times of pandemic, our dedicated loan counsellors ensure that everything is done digitally without you having to step out of your home.